Scorpio Tankers Reports $101k Q2 LR2 Rate, Boosts Net Cash to $385M
Scorpio Tankers booked Q1 2026 TCE rates of $51,000 for LR2 vessels (97% coverage) and $32,000 for MR tankers (97%), and secured Q2 LR2 rates of $101,000 for 16% of revenue days. Cash rose to $974 million and net cash to $385 million by March 20, with $747 million available under revolving credit facilities.
1. Charter Rate Updates
Scorpio Tankers reported average daily TCE rates of $51,000 for LR2 vessels, $32,000 for MR tankers and $34,000 for Handymax ships during Q1 2026, with coverage exceeding 95% across segments. For Q2 2026, the company has locked in $101,000 per day for LR2 voyages covering 16% of expected revenue days, reflecting elevated spot market strength.
2. Liquidity Position
As of March 20, 2026, cash balances increased to $974 million from $752 million at December 31, 2025, driving net cash to $385 million. Availability under revolving credit facilities stood at $747 million, benefiting from vessel sale proceeds and recent debt prepayments.
3. Fleet Transactions and Newbuildings
Scorpio has agreements to sell two 2015-built MR product tankers for $35 million each and one 2015-built LR2 tanker for $60 million, with closings expected in Q2 2026. The company also has four MR, four LR2 and two VLCC newbuildings on order, with deliveries scheduled through 2029.